Aerial Work Platforms Market

Aerial Work Platforms Market Outlook (2022-2032)

The global aerial work platforms market, the market is gaining traction steadily, expected to ascend at around 6% CAGR through 2032. As per the report, the market is likely to be valued at US$ 9.3 Bn by 2022. Preference for boom lifts will remain dominant, with a predicted absolute opportunity worth US$ 16.6 Bn during the forecast period.

Report Attributes	Details
Expected Market Value (2022)	9.3 Bn
Projected Forecast Value (2032)	US$ 16.6 Bn
Global Growth Rate (2022-2032)	6% CAGR
Anticipated Market Value of Europe (2022-2032)	27%
Major Aerial Work Platforms Service Providers	Terex Corporation Haulotte Group Oshkosh Corporation JLG Industries Inc. Linamar Corporation Tadano Limited Aichi Corporation MEC Aerial Work Platforms Palfinger AG Hunan Sinoboom Heavy Industries Co. Ltd. Zhejiang Dingli Machinery Co. Ltd. Manitou Group Mantall Heavy Industry Co. Ltd. Noblelift Intelligent Equipment Co. Ltd. IMER International S.p.A J C Bamford Excavators Limited

Revenue Analysis of Aerial Work Platforms from 2017-2021 Vs Market Outlook 2022-2032

As per Fact.MR – market research and competitive intelligence provider, during the historic period of 2017 to 2021, the market expanded at a CAGR of 4.2%. The surge in applications platforms across diverse industries such as construction, mining, transport & logistics, aerospace, and defense industries among others has contributed significantly to market expansion.

As the coronavirus pandemic unraveled itself through 2020, sales of aerial work platforms registered a significant decline, given the fall in global construction output during the first half. As per the Bureau of Economic Analysis, both non-residential & residential construction activities fell by 27% and 38.7% respectively.

Fortunately, as restrictions lifted, the construction industry began to exhibit a gradual resurgence, restoring aerial work platforms demand. Considering these factors, the global market is slated to expand 1.7x over the next ten years (2022-2032), reaching a value of over US$ 16 Bn by the end of the aforementioned forecast period.

Which are Some Prominent Drivers of Aerial Work Platforms Market?

Incorporation of Advanced Sensor Technologies Shaping AWP Demand

Leading manufacturers are incorporating advanced sensor technologies to continue evolving machine design and offer better and safer solutions to contractors. Once mounted on an advanced aerial work platform, these systems can be used to detect nearby objects and obstructions, averting the risk of potential accidents.

For instance, JLG Industries Inc. offers the SkySenseTM Enhanced Detection System (EDS) which uses strategically placed object detection sensors to provide operators an added level of awareness of their immediate surroundings. While in use, these sensors establish warning zones and stop distances in the direction of motion, enhancing protection of people and property.

On a similar plane, GENIE® Accessories, a Terex Corporation owned brand, offers a range of boom lift accessories, including the Tech ProTM Link and Auxiliary Rail, to enhance workers safety during construction operations. While the former allows users to monitor machine gauges, including engine temperature, battery voltage or oil pressure to avail service alerts, the latter can be easily mounted to provide an additional layer of barrier to prevent unwanted falls and accidents.

Growing Infrastructure Projects Accelerating AWP Adoption

Aerial work platforms are easy to use and cost-effective mechanical devices which help in providing access by elevating equipment or people to a certain height. These aerial work platforms are considered as the first choice in multiple end-use industries such as construction, manufacturing, entertainment, and agriculture to name a few.

Owing to the infrastructural projects and economic development in the Middle East and Africa, access equipment such as scissor lifts and boom lifts is gaining more acceptance and fueling the growth of the aerial work platforms market. The market is gaining momentum, particularly across Asia, as companies are rapidly migrating from traditional maintenance practices to more advanced ones on the back of significant infrastructure modernization.

According to the Indian Department for Promotion of Industry and Internal Trade (DPIIT), FDIs in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) and construction (infrastructure) activities stood at US$ 26.08 billion and US$ 24.72 billion, respectively, between April 2000 and March 2022. In FY21, infrastructure activities accounted for a 13% share of the total FDI inflows of US$ 81.72 billion.

Besides this, India plans to invest nearly US$ 1.4 trillion in infrastructure development and expansion between 2019 and 2023, which will present a highly lucrative growth for the expansion of the market. Thus, the switch from traditional practices to aerial work platforms is creating a plethora of opportunities for the players operating in the industry.

Which Factors are Restraining the Growth of the Aerial Work Platforms?

High demand for skilled labor in construction areas will restrict market growth

Modern aerial work platforms are built with sophisticated technologies that require skilled employees to manage and perform them. To prevent crashes, the operator must control the platform very cautiously and expertly when lifted to a certain height. A factor of this nature is expected to impede the expansion of the global aerial work platforms market.

Region-Wise Analysis

Toughening Safety Standards for Construction Boosting AWP Demand in North America?

The emergence of the logistical and supply chain industry has aided the market

According to Fact.MR, North America is expected to dominate the market, accounting for nearly 40% of total revenue. Demand for increased safety standards during construction projects is inclining demand. For instance, the Occupational Safety and Health Administration (OSHA) and other associations have made amendments to several standards which is encouraging the adoption of aerial work platforms.

As per the organization, about 20% (1,061) fatalities in the private industry during 2019 were in construction projects. Also, over 5,000 casualties resulted from on the job construction duties during the same calendar year. Consequently, major construction equipment providers have established manufacturing units across the country.

For instance, Terex Corporation introduced four new product lines at the TechAdvantage Virtual Show organized in March 2022. These include the Z-45 Substation Utility Boom (SUB) for substation construction work, a new Hi-Ranger TL48 articulated and telescopic aerial device, a Positive Attachment Lanyard warning device and the Viatec SmartPTO for Hi-Ranger aerial work platforms respectively.

Furthermore, as part of its various renewable energy approaches, the United States government is investing significantly in deploying solar panels and windmills for power generation. The burgeoning IT and telecom industry in the United States is expected to facilitate the utilization of aerial work platforms for assembling telecom towers and conducting service and maintenance operations at great heights, as the evolution of the supply chain and the logistical sector has contributed to the emergence of warehouses, distribution centers, and retail stores, thereby driving growth for aerial work platforms.

How is a General Improvement in European Construction Industry Widening AWP Growth Prospects?

Rising construction spending will keep the expansion going

Remarkable growth registered in the U.K.’s construction activities and infrastructural development has been supporting sales of the aerial work platform. As per the Office of National Statistics, the country’s construction output improved marginally by 1% in October 2020.

As per the Federal Statistics Office, Destatis, as of October 2020, the construction turnover in Germany improved by 2.2%. The consistently increasing construction spending will continue supporting the expansion of the market in Germany. As per Fact.MR, Europe is estimated to account for 27% revenue across the 2022-2032 forecast period.

The European aerial work platforms market is projected to expand at a significant CAGR of 5.4% during the projected timeframe. Development in the retail and e-commerce industries and increasing costs for aerial elevators in the building and construction industries are the key factors driving the expansion of the aerial work platforms market in this region.

The prominent competitors in the European aerial work platform market include Zhejiang Dingli Machinery Co., Ltd., Aichi Corp., Palfinger AG, MEC Aerial Work Platform, Manitou BF SA. The presence of such strong players in this region is expected to accelerate the regional growth during the forecast period.

What is the Demand Outlook for AWPs across Asia?

Infrastructure development to encourage market expansion

According to Fact.MR’s projections, Asia is projected to be a significant revenue contributor to the global market for aerial work platforms through 2032. The Chinese market is expected to record a positive growth rate owing to the rapidly growing construction industry along with governments’ investments in infrastructure development such as major transportation, urbanization, water conservancy projects, and informational networks which will result in increased infrastructure spending.

According to the National Development and Reform Commission, the Chinese government approved 26 infrastructure projects at an estimated investment of about US$ 142 billion USD in 2019, which are estimated to be completed by 2023.

Likewise, in India, a planned spending of about US$ 1.4 trillion in infrastructure over the next five years, including smart cities and “housing for all” is on the cards. The total expenditure on the Ministry of Housing and Urban Affairs for 2022-22 is estimated at Rs 54,581 crore. This is an annual increase of 14% over the actual expenditure for 2019-20. Hence, sales of aerial work platforms in Asia are likely to account for 33% of global revenue.

Accelerated automation advancement in the logistics, retail, and warehousing sectors is expected to stimulate demand for aerial work platforms in this region. Firms are investing in automated aerial work platforms to lessen industrial fatalities associated with high-rise operations, which is bolstering market growth.

Category-wise Insights

By end-user, which category will boost the demand for AWPs?

Construction firms are investing in high-quality aerial work platforms

Demand for aerial work platforms remains highest in the construction industry. The construction segment is estimated to remain the most lucrative segment by ownership in the global market accounting for 37% market share.

As the global population continues to rise, demand for various infrastructure projects, including housing and public utilities, will incline sharply. Hence, construction companies are investing in high-grade aerial work platforms. Prominent manufacturers such as Terex Corporation are major providers of construction grade aerial work platforms.

Will Boom Lifts Outpace Other Categories of Aerial Work Platforms?

Boom lifts provide full opportunities at greater heights

Sales of boom lifts have increased significantly over the last five years and are expected to witness prolific growth in coming years. Boom lifts offer greater access at heights compared to the conventional lifts. This is, in turn, creating opportunities for manufacturers and rental companies operating in the market.

The demand for boom lifts in Europe and North America is rapidly increasing as these lifts are widely used for indoor, general construction, building maintenance as well as various industrial applications. Boom lifts are anticipated to create an absolute dollar opportunity of US$ 2.5 Bn and are projected to grow at a value CAGR of 4% during the forecast period.

The Start-Up Ecosystem: How key Players are opening Frontiers for Future Growth?

Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base.

For instance :

• Hunan Sinoboom Heavy Industries Co. Ltd. was founded on February 28th, 2008, and is headquartered in Changsha, China's construction and heavy machinery capital. Launched in October 2020, Sinoboom's Articulating Boom Lifts is accessible in diesel, hybrid, and electric drive devices, with the principal feature being the extremely convenient and versatile multi-stage folding boom.
• RangeAero, founded in 2020 by aerospace engineer Arpit Sharma, is a Bengaluru-based startup evolving aerial supply chain solutions for first and last-mile deliveries. RangeAero created an aerial robotics platform for logistics with inventive pilotless autonomous helicopters, addressing a large potential market of medium-scale deliveries with delivery times that are 2x faster than the road.

Competitive Landscape

Key players involved in the market are rigorously investing in the development and launches of new products to gain a competitive advantage and expand their consumer base. Mergers & acquisitions along with diversification of product portfolios are key business strategies implemented by participants in the industry.

• In September 2021, JLG Industries, Inc. announced the launch of the JLG® 670SJ self-leveling boom lift, equipped with JLG’s exclusive and patented self-leveling technology. The 670SJ is engineered to automatically adapt to terrain on slopes up to 10 degrees in any direction, while driving with full functionality at a class-leading 67-ft platform height.
• In March 2021, MEC Aerial Work Platforms introduced its newest product line of vertical mast lifts; the MEC Mast Electric (MME) Series. The MME Series leads with direct electric drive for high efficiency, longer duty cycles, and higher product residual value. It offers two heights to choose from: the MME20 with a platform height of 20 feet and the MME25 with a non-rotating vertical mast lift platform height of 25 feet.
• Zhejiang Dingli Machinery Co., Ltd. acquired 24% of Trupen's stock rights in August 2020. Trupen is a dominant player in spider Aerial Work Platform design, research, development, industrial production, and marketing.
  • Terex Corporation introduced the 'Genie® Z-45 Substation Utility Boom,' a mobile elevated work platform, in January 2021. It is specifically built for power substation tasks where an insulated device is necessary but conventional bucket trucks are not permitted.

Key Segments Covered in Aerial

• By Product :

  • Scissor Lifts
  • Boom Lifts
  • Other AWPs

• By End Use Industries :

  • AWP Rental Service Providers
  • End Use Industries
    • Construction
    • Entertainment
    • Commercial Uses
    • Manufacturing
    • Others (Public Administration, Mining, Agriculture, etc.)

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa